The hotel was named for Timothy Blackstone, a notable Chicago business executive and politician, who served as the founding president of the Union Stock Yards, president of the Chicago and Alton Railroad, and mayor of La Salle, Illinois. The hotel is famous for hosting celebrity guests including numerous U.S. presidents, for which it was known as the "Hotel of Presidents" for much of the 20th century. The hotel is known for contributing the term "smoke-filled room" to political parlance. The hotel fell into disrepair that necessitated closure in 2000 and subsequent renovation. It reopened on March 6, 2008 after a $128-million renovation and is managed by the Renaissance Hotels division of Marriott International.